An Unknown Institution Accumulates Over $216 Million in Chainlink (LINK) in Two Weeks
An unidentified entity, suspected to be an institution, has acquired approximately $216 million worth of Chainlink (LINK), a popular oracle provider in the crypto market. According to blockchain tracking firm Lookonchain, a series of new wallets linked to this mysterious institution have been withdrawing large amounts of LINK from the Binance exchange. In just two weeks, around 83 fresh wallets, believed to be associated with the same institution, have collectively accumulated over $200 million worth of LINK.
Chainlink has seen a 30% increase in value during the month of February and is currently trading at $20.22. Notably, prominent crypto analyst Altcoin Sherpa has expressed optimism about the long-term prospects of Chainlink. He believes that LINK has successfully broken out of its previous trading range between $12 and $16 and expects it to continue rising in the future. However, he also cautions that LINK may not be ideal for short-term trades due to its moderate volatility.
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Featured Image: Shutterstock/Tithi Luadthong
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